Adani Ports Q1 Results: Net Profit Rises Over 80 Per Cent To Rs 2,119.38 Crore Driven By Higher Revenue

In a regulatory filing on Tuesday, Adani Ports said that its revenue from operations climbed 24 per cent to Rs 6,247.55 crore in Q1 FY24 compared to Rs 5,058.09 crore in Q1 FY23.

Adani Ports and Special Economic Zone Limited (APSEZ) reported over 80 per cent rise in its consolidated net profit for the first quarter of the financial year 2023-24 (Q1 FY24) at Rs 2,119.38 crore driven by higher income. The Adani Group firm posted Rs 1,177.46 crore net profit during the same period last year. In a regulatory filing on Tuesday, Adani Ports said that its revenue from operations climbed 24 per cent to Rs 6,247.55 crore in Q1 FY24 compared to Rs 5,058.09 crore in Q1 FY23.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the Q1 FY24 increased by 80 per cent year-on-year to Rs 3,765 crore, the company said. 

Karan Adani, CEO and whole-time director of Adani Ports and Special Economic Zone said, "APSEZ delivered its strongest ever quarterly operating performance during Q1 FY24, with highest ever quarterly cargo volumes, revenue, EBITDA and around 200bps jump in domestic market share, despite over 50 per cent of the company’s total port capacity being adversely impacted for around 6 days due to the cyclone Biparjoy."

He further said that Adani Ports have achieved a robust domestic ports business EBITDA margin of 72 per cent and a logistics business EBITDA margin of 28 per cent.

Adani Ports earlier this year acquired Israel's Haifa port for $1.2 billion. The Port of Haifa is the country's second-largest port in terms of shipping containers and the largest in terms of shipping tourist cruise ships.

"Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 MMT mark at the two ports. With our cargo volumes crossing 100 MMT during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT,” Karan Adani said. 

In Q1 FY24, the firm's expenses were trimmed to Rs 4,065.24 crore from Rs 4,438.32 crore. APSEZ quarterly port cargo volumes rose 12 per cent year-on-year to 101.4 MMT. APSEZ's market share in India also rose to 26 per cent in Q1 FY24, marking a 200 basis points increase.

APSEZ is India's largest commercial port operator, accounting for roughly one-fourth of the country's freight traffic. It has 13 domestic ports spread over seven marine states: Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha.